Satti, a jack-up rig of KazMunayGas sailed from Ersay port of Kazakhstan Republic and arrived in the modern marine supply and logistics base of SOCARâ€™s Caspian Drilling Company (CDC).
The handover ceremony was attended by Rovnag Abdullayev, President of SOCAR, Alik Aydarbayev, Chairman of the Management Board of the JSC National Company KazMunayGas and other officials.
The upgrade of the Satti JUDR will be carried out by CDC who have extensive experience in the construction and upgrade of drilling rigs. After the work, which is expected to be completed by the end of this year, the rig will be capable of the drilling of exploration wells with a depth of more than 6,000 meters and is expected to increase competitiveness in drilling services in the Caspian Sea.
The final approval has been reached in the SOCAR Turkey acquisition of German EWE's subsidiaries. Vagif Aliyev, Chairman of SOCAR Turkey said: ''Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom will continue their operations under the SOCAR Turkeyâ€™s ownership adding value to the Turkish and Azerbaijani economies.
SOCAR Turkey has completed the acquisition of Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom. Chairman of SOCAR Turkey Vagif Aliyev, CEO Zaur Gahramanov, as well as the CEO of EWE AG Stefan Dohler and CFO of EWE AG Wolfgang MĂĽcher took part in the signing of final agreement.
After the signing of the sale contracts in January 2019 and obtaining final approval on the issue recently, the five companies will operate from now under the umbrella of SOCAR Turkey together with STAR Refinery, TANAP, Petkim, SOCAR Terminal and Petkim Wind Power Plant.
Vagif Aliyev, Chairman of SOCAR Turkey said Bursagaz and Kayserigaz joining the group complemented SOCARâ€™s natural gas value chain in Turkey. ''Since entering the Turkish market, we have taken the dynamics and productivity of the sector where we operate into consideration and have focused on integration in all of our investment projects. For 12 years, we have been supplying natural gas to Turkey. Since 2013, SOCAR Turkey has been involved in natural gas sales here. We are the biggest partner of TANAP, the largest Turkish-Azerbaijani project, which provides natural gas transportation.
Hereby SOCAR releases its latest financial report for 2018.
Over the accounting period up to 2018 the company boosted its total revenue to AZN 111.2 billion 1, an increase on the previous year. The cost of sales amounted to AZN 105.5 billion 2 and net operational cost was AZN 2.1 billion 3. The companyâ€™s operational income has increased to AZN 3.6 billion 4 last year. Despite the increase in expenses due to volatility of currency rate in some foreign countries, where SOCAR is operating, the company managed to finish the year with net profit, which amounted to AZN 1.2 billion 5.
Crude oil and oil products sales amounted to AZN 58.5 billion 6 and AZN 40.1 billion 7 respectively. Rovnag Abdullayev, SOCAR President said: "In 2017 and 2018, SOCAR managed to raise its financial performance back to the pre-crisis level and made both years profitable. The company has achieved a positive balance in the turnover last year due to a rise in the world market oil prices, higher revenues from the petrochemical products by the commissioning of the STAR Refinery and Polypropylene plant and the rise in natural gas sales from the Shah Deniz-2 project.
We will endeavor to maintain this positive result in the coming years through the completion and sustainable development of our new projects." According to the audited financial statements, last year SOCAR Groupâ€™s total assets amounted to AZN 62.1 billion 8 and credit liabilities to AZN 13.7 billion 9. SOCARâ€™s total capital increased to AZN 24 billion 10, as compared to the previous year. SOCAR's gross revenues have grown by 24 times and its total capital tripled over the past decade. As in previous years, Ernst & Young Holdings (CIS) B.
Rovnag Abdullayev, President of SOCAR met with a delegation of Turkeyâ€™s Tekfen Holding led by Murat Gigin, Chairman of the Board and Cahit Oklap, President of the Group Companies. Rovnag Abdullayev and Murat Gigin signed a Memorandum of Understanding on the construction of a new urea production facility in Azerbaijan.
Based on experience gained during the construction of existing urea plant, one of the SOCARâ€™s successful projects, SOCAR is considering the construction of a new production facility in Sumgayit with a daily capacity of 1,200 tons of ammonia and 2,000 tons of urea. The memorandum also envisages a cooperation including the marketing of the products of the existing and new production facilities.
In this context, a Working Group will be formed in the next phase and efforts will be made to establish the final agreement in order to determine the details of the following issues: .
â€˘ Tekfen Contracting Group companiesâ€™ possible participation in the construction of these units on EPC (engineering, procurement and construction-assembly) basis, .
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
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